Give examples of types of properties (and/or appraisal types) that are likely appropriate for appraisal via (i) sales comparison, (ii) income capitalization and (iii) cost approaches?
Give examples of types of properties (and/or appraisal types) that are likely appropriate for appraisal via (i) sales comparison, (ii) income capitalization and (iii) cost approaches?
Related questions
On June 15, Jane and Jerry Jones (âSellersâ) listed their Flagstaff home for $399,500 with Re/Max Peak Properties and agreed to pay a 6% commission on the sale price. They have a mortgage for $361,000 remaining on the home.
Sam and Sue Smith (âBuyersâ) offered 3% less than the listed price. The offer was accepted by Jane and Jerry. At that time, the Buyers put down $1,000 of earnest money.
The Buyers will put 20% down and finance the rest through EverBank. The sale will close on July 1st at which time the Buyers will take possession. EverBank requires a loan origination fee of 1% of the value of the loan along with a property appraisal which will cost $400 and a credit report at a cost of $25.
Taxes for the current year were $1,500 and were paid in full by the Sellers.
The Buyersâ title insurance policy will cost $800, and the Sellersâ title insurance policy will be $1,690.
Homeownerâs insurance will cost the Buyers $350.
Recording the deed will cost $50 (equally split between the Buyers and Sellers).
Endorsements of $150 would be paid by the Buyers.
Courier fees will be $25 for the Buyers and $25 for the Sellers.
All pro-rations are based on a 30-day month.
Please fill out the table below based on the given information
| Description | Cash | Description | Cash | |
| Contract Sales Price | Contract Sales Price | |||
| Settlement Charges | Gross Amount Due to Seller | |||
| Items Payable in Connection with a Loan | ||||
| Loan Origination Fee | Reductions in Amount Due Seller | |||
| Appraisal Fee | Brokerage Commission | |||
| Homeowner's Insurance | Payoff of Mortgage Loan |
| ||
| Credit Report | ||||
| Title Charges | ||||
| Title Charges | Title Service and Title Insurance |
| ||
| Title Service and Title Insurance | Deed Preparation | |||
| Deed Preparation | ||||
| Government Recording Charges: | ||||
| Government Recording Charges: | Courier Fees | |||
| Endorsements | ||||
| Courier Fees | Adjustments for Items OverPaid by Seller | |||
| County Taxes | ||||
| Gross Amount Due from Borrower | ||||
| Total Reductions in Amount Due Seller | ||||
| Amounts Paid by or on Behalf of Borrower | ||||
| Deposit of Earnest Money |
| Gross Amount Due to Seller | ||
| Principal Amount of New Loan | Less Reductions in Amount Due Seller | |||
| Cash at Settlement to Seller | ||||
| Adjustments for Items OverPaid by Seller | ||||
| County Taxes | Total Expenses | |||
| Purchase Price | ||||
| Total Paid by the Borrower | Expenses as % of Price | |||
| Gross Amount Due from Borrower | ||||
| Less: Total Paid by the Borrower | ||||
| Cash at Settlement from Borrower | ||||
| Total Expenses | ||||
| Purchase Price | ||||
| Expenses as % of Price |
